Sudheendra Kulkarni has very nicely explained the abolition of 25 or 50 paisa coins specifically a logical “.. thought on what the death of ‘paisa’ means for the social, cultural and psychological history of India?”.
I remember a news item of 2004 or 2005 when I was student of social science at Indore University. The RBI had announced the abolition of 50 paisa coins from circulation. I felt how stupid, to do this, when the economy is still developing from the bottom, I mean when the country has huge population with less and lesser per capita income how come the bigger denominator would help poor people? Just think of a case, a labourer who earns Rs.100 per day and he spends on various basics needs like food, etc. How much money he might have left in his packet or for that matter how much money he or she will give it to his children who are largely
dependent on tiny shops for their tiny items. I am talking about rural area. This is terribly.
So the mess is everywhere not only in central bank in India but also from school education to university education.
In a lecture yesterday Prof Yash Pal said in New Delhi that our university system is in complete chaos and also in terrible and spoiling the beautiful young minds. Though, he realizes these things very late, he could have done it something when he was in power as Chairman of University Grants Commission that look after the higher education system in the country in terms of funding etc. He did not do anything. Of course, he ensured how to get attracted by media etc, etc. He never visited single university independently to understand what is going on with the university or college or students etc. when he is going to die, he talks about the reality of the education system! Of course, we may get some understanding from his utterances but then what is the point? When he along with others have already sent a crooks of team to kill the education purpose!!